Binance, a leading cryptocurrency exchange, has faced recent issues with withdrawals and partnerships. In May, the exchange temporarily halted Bitcoin withdrawals due to a backlog of pending withdrawals. Additionally, Checkout.com, a payment processor, recently terminated its partnership with Binance due to regulatory concerns. Binance has stated its intention to sue Checkout.com for the reason behind this decision. Furthermore, Binance’s European customers have been experiencing problems with fiat withdrawals due to issues with Single Euro Payments Area (SEPA) transfers. In a now-deleted message, Binance’s customer service tweeted that the exchange had suspended EUR deposits and withdrawals via SEPA.
Binance, in a since-deleted post, stated that its provider was no longer able to support SEPA transfers, citing that “at the moment, we don’t have a time frame for the restoration of SEPA transfers.” However, PaySafe, Binance’s European partner, later clarified that withdrawals and deposits via SEPA are still available, contradicting Binance’s previous statement.
PaySafe, a payment company, has confirmed that it will continue to service Binance users until September 25. This is when PaySafe will officially withdraw its support for Binance, following a previously announced strategic review that led to the decision to end its partnership with the cryptocurrency exchange.
According to a PaySafe spokesperson, SEPA payment transactions (EUR deposits and withdrawals) will continue to be available to existing Binance customers until September 25 via Paysafe. However, new users of the SEPA service will not have access to this service from June 25 onwards. In addition, Binance’s customer support help desk confirmed that an earlier tweet regarding PaySafe support was sent in error and that PaySafe support will indeed continue until September 25.
Binance has announced that the SEPA deposit and withdrawal service will continue to be available until September 25, as previously communicated. A customer support message that suggested otherwise was sent in error, and the company apologizes for any inconvenience caused. Additionally, Binance has assured users that alternatives will be in place before September 25, and has encouraged users to stay tuned for updates. The company has also informed users that they may be asked for additional information as part of routine compliance checks as the deadline approaches. However, some cryptocurrency users have expressed concerns about recent developments with Binance.
Despite Binance’s assertions that it is well-positioned to weather the storm, many industry observers believe that the exchange may experience a decline in the long run. This is due to the increased scrutiny that Binance has faced from regulators in various countries, including the United States and several European Union member states such as the Netherlands, Germany, and France.
Binance is facing legal action from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for allegedly offering unregistered securities and allowing US users to access its global platform. The exchange has stated its intention to defend itself against all charges, including the accusation of commingling user funds with corporate funds.
